SAN DIEGO--(BUSINESS WIRE)--La Jolla Pharmaceutical Company (NASDAQ: LJPC) today announced that it received a delisting notice from the Nasdaq Stock Market LLC on January 19, 2010. The notice indicates Nasdaq’s belief that the Company is operating as a “public shell” and that the resulting entity in the proposed merger between the Company and Adamis Pharmaceuticals Corporation (OTCBB: ADMP.OB) will not meet Nasdaq’s initial listing requirements. Nasdaq has determined that the continued listing and trading of public shells could be detrimental to the interests of the investing public. Listing Rule 5101 provides Nasdaq with discretionary authority to apply more stringent criteria for continued listing and terminate the inclusion of particular securities based on any event that occurs that in the opinion of Nasdaq makes inclusion of the securities on Nasdaq inadvisable or unwarranted.
